Appeals court knocks out DOL rule

Would reforming use of the title ‘adviser’ mesh with the DOL fiduciary rule?

Another State Jumps into Fiduciary Fracas with Bill

Danielle Verbrigghe of FT’s Fund Fire interviewed me on the state fiduciary developments, including the latest on Maryland. I discussed many of the initiatives that are taking place prior to action by the SEC and next steps by the DOL, and said, in part: “Certainly, that does raise the specter of a confusing patchwork of regulations, potentially, if the various states take different approaches. And they seem to be taking different approaches.” The full article can be found here (subscription required)

States Look to Help Investors, With Fiduciary Rule in Flux

Kristen Ricaurte Knebel interviewed me for Bloomberg Law’s Pension & Benefits Daily, called “States Look to Help Investors, With Fiduciary Rule in Flux”. It’s a strong piece. I summed up my view of the current state of play: “We’re in a state of purgatory where we haven’t seen changes from the DOL yet, although we expect them. We haven’t seen anything from the SEC, but we know they’re working on it. It puts the industry in a tough spot right now.”

Most DC executives not aware of their fiduciary duties

Interesting data from Jennifer DeLong and her good team at AllianceBernstein on the misunderstanding of which activities and roles trigger fiduciary status. A better understanding is all the more important considering that some are conflating the extension of the DOL Fiduciary Rule’s transition period with reduced/no fiduciary duties!

Path to SEC Fiduciary Rule Strewn With Bumps

Melanie Waddell interviewed me on how the SEC and DOL are coordinating and what state action will mean for that coordination. The article does a great capturing the nuance among the states.

The $5 billion consideration for governmental and ERISA plan fiduciaries

I penned an op-ed in Pensions & Investments on why fiduciaries should consider their best execution obligations in connection with rebates paid to broker-dealers by trading venues. (subscription required)

What should fiduciaries of governmental plans and ERISA plans be thinking about in terms of ESG investing?

What should governmental and ERISA plan fiduciaries expect when they incorporate ESG into their investment decisions? The controversy involving CalPERS gives us clues.

ERISA Fiduciary Implications of ESG Investing

Last October, Bloomberg BNA published a report of mine on the practical ERISA fiduciary implications of climate change on investment decision-making.  Inadequate disclosures from issuers continue to remain an issue for asset managers.